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ARTICLE · 17 MARCH 2009

Brokers´ Report - March 2009

Borden Ladner Gervais LLP
Borden Ladner Gervais LLP
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On January 23, 2009, the Mutual Fund Dealers Association (the “MFDA”) issued bulletin #0354-P seeking comment regarding potential rule changes which would extend suitability obligations and know your client requirements to dealings in principle protected notes (“PPNs”).

CanadaFinance and Banking
Gordon Johnson
Gordon Johnson
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Mutual Fund Dealers Association Considers Rule Change

On January 23, 2009, the Mutual Fund Dealers Association (the "MFDA") issued bulletin #0354-P seeking comment regarding potential rule changes which would extend suitability obligations and know your client requirements to dealings in principle protected notes ("PPNs"). PPNs are defined in the bulletin as investment products offering potential returns based on the performance of an underlying investment and a guarantee that the investor will receive, on maturity, not less than the principle amount invested.

The bulletin was the result of a request from the Canadian Securities Administrators (the "CSA") that the MFDA take appropriate action to ensure that KYC and suitability obligations apply to all dealings in PPNs by Approved Persons of its Members. The CSA confirmed that it expected the MFDA to enforce KYC and suitability obligations, irrespective of whether PPNs fell within the definition of "security" in all

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